Odyssey Health, Inc. Provides a Year End Update on Company and Corporate Outlook for 2023
Las Vegas, Nevada, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Odyssey Health, Inc. (OTC: ODYY), f/k/a Odyssey Group International, Inc., a company focused on developing life-enhancing medical products, today presents a Company update and recap of its product development programs.
The Company has medical products in development which it intends to move forward in their respective clinical programs with the goal of FDA submission and commercialization.
“We are extremely pleased with the progress our company has made the past year,” stated Michael Redmond, Odyssey’s CEO. “Our Phase I human clinical trial for our concussion drug was successful, and we are preparing for Phase II. Concussions are a serious issue with no FDA approved pharmaceutical treatment. According to Grandview Research, the global market for concussion treatment was valued at $6.9 billion in 2020 and is forecasted to reach $8.9 billion by 2027. Common settings for concussion include contact sports, military training and operations, motor vehicle accidents, children at play and elderly assistive-living facilities due to falls. We have seen the concussion market grow in awareness and some recent medical breakthroughs related to diagnosing a concussion. The FDA has cleared a diagnostic test marketed by Abbott laboratories and we hope to provide the first pharmaceutical treatment.”
“In addition to advancing the concussion drug we are excited to develop our other products and we are positioned to execute our plan for 2023,” said Mr. Redmond.
Concussion Drug Development Program
- Added two key executives to the management team of Odyssey NeuroPharma, Inc., a wholly-owned subsidiary, with pertinent pharmaceutical experience bringing drugs through the clinical process and to the market.
- Successfully completed a Phase 1 clinical trial to prove the safety and tolerability of our drug and novel nasal delivery system. The drug was determined to be safe and the drug/device combination was well-tolerated and easy to use.
- Completed the development of a nanoparticle spray-dried formulation for intranasal delivery to enhance brain uptake.
- Completed the development and GMP manufacturing of our novel breath-propelled intranasal delivery device. The device proved to be a reliable means of delivering the drug in the phase
- The Company is identifying sites for a Phase II study that will evaluate both the safety and the efficacy of the drug. Odyssey is assisted in the effort by several retired military personnel to help secure military sites that experience a high rate of concussions. In the immediate future, we are seeking sites in Australia to start the Phase II trial.
- Odyssey is exploring potential partnership opportunities with pharmaceutical companies and strategic industry partners.
Nerve Agent Antidote Development Program
- Odyssey has started the concept phase of developing a powderized formula to deliver an antidote to nerve gas via our intranasal device.
- The antidote requires rapid delivery to the brain and our platform technology will deliver the medication more quickly to the brain. Than current intramuscular injection technology.
The Save-a-Life choking rescue device is intended to use a unique vacuum feature to dislodge an obstruction causing an acute choking event. The Company has advanced an initial design to a prototype stage. The goal for 2023 is to complete development and submit the device to the FDA for marketing approval.
CardioMap provides rapid EKG information and a digital map of the heart in near real-time. The Company intends to further development of the CardioMap in 2023 to prepare for FDA submission.
Corporate Accomplishments and Goals
- Created Odyssey NeuroPharma, Inc. a wholly-owned subsidiary to better focus the platform technology for brain-related medications.
- Raised over $5 million to support the Company and its development efforts and continue to have access to an equity line with Lincoln Park Capital for up to $10 million.
- Over 30 million shares of the Company’s common stock were retired over the past year, allowing for less dilution to our shareholders as we execute our plans for future financings and possible mergers and acquisitions.
About Odyssey Health Inc. (formerly Odyssey Group International, Inc.)
Odyssey Health Inc. (OTC: ODYY) is a medical company with a focus in the area of life-saving medical solutions. Odyssey’s corporate mission is to create, acquire and develop distinct assets, intellectual property, and exceptional technologies that provide meaningful medical solutions. The company is focused on areas that have an identified technological advantage, provide superior clinical utility, and have a substantial market opportunity. For more information, visit the company’s website at www.odysseyhealthinc.com
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This news release may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including our ability to continue to raise needed funds, successfully complete additional clinical studies, our ability to successfully develop products, rapid changes in our markets, changes in demand for our future products, and legislative, regulatory, competitive developments and general economic conditions.